Intuit Inc. (NASDAQ: INTU) announced today that its Board of Directors has declared a three-for-one stock split, to be effected as a stock dividend of two shares of common stock for each share of the Company's common stock outstanding. Stockholders of record on September 20, 1999, will be entitled to two additional shares of common stock for each share of the Company's common stock held on that date.
The payment date for the stock dividend will be September 30, 1999. On or about that date, the new shares will be mailed to stockholders by the Company's transfer agent, American Stock Transfer & Trust Company. The Company expects that its outstanding common stock will begin to trade on a post-split basis on October 1, 1999.
At the end of its fiscal year 1999 (July 31, 1999), Intuit had approximately 62.5 million shares of common stock outstanding.
"Intuit recently ended its fiscal year 1999 with solid financial performance and a strong balance sheet," said Bill Harris, Intuit's President and Chief Executive Officer. "We believe that our electronic finance initiatives, combined with sustained leadership in our traditional desktop software business, provide the foundation for delivering long-term value for our stockholders."
Intuit also announced that it has moved up the date of its next Annual Meeting of Stockholders, which generally is held in January, to November 30, 1999. Any stockholder who wishes to bring a proposal before the November 30, 1999, Annual Meeting of Stockholders must provide written notice of the proposal to Intuit's Corporate Secretary, at Intuit's principal executive offices, by October 1, 1999.
